Mariana Resources Ltd the AIM listed exploration and development company with projects in Turkey and South America,has told DirectorsTalk that drilling is scheduled to commence at the Company’s Doña Ines gold-silver and the adjacent Exploradora East copper prospects, in northern Chile, in April.
The initial drill programs at Doña Ines and Exploradora East form part of the Phase I work commitment as outlined in the Option Agreement between Mariana and Asset Chile Exploración Minera Fondo de Inversión Privado (“Asset”), through which Asset holds a staged option to earn up to a 50% interest in the two properties in return for a total investment of USD 1.65M (refer to Mariana’s News Release on July 11, 2015). The drill contractor selected for the Reverse Circulation (“RC”) drill program is Copiapo-based Terraservice.
Chief Executive Officer Glen Parsons today commented: “Whilst Hot Maden is in development, Mariana continues work on its highly prospective exploration portfolio to assess the potential for scalable and economic mineralisation.”
“The anticipated RC drill program in northern Chile, which is funded by Asset under the earn in, is due to commence shortly with the objective of confirming the potential for a high sulphidation gold silver deposit at Dona Ines and, 20 km to the north, at Exploradora East we are seeking a concealed porphyry copper system. We anticipate drilling to commence by mid-April 2016 with assay results due later in May and I look forward to updating shareholders on these results as well as keeping the market abreast of developments at the high grade gold and copper Hot Maden Project.”
Exploration activities undertaken to date at Doña Ines have focused principally on geology and surface geochemical sampling, with silica-clay alteration and strong gold-silver-arsenic-molybdenum surface geochemistry suggesting the presence of a high sulfidation-type epithermal gold-silver system. In addition, a recently-completed ground geophysical survey (Gradient Array Induced Polarisation / Resistivity and Magneto-Tellurics) at Doña Ines was successful in defining moderately resistive areas interpreted to represent zones of silicification associated with precious metals mineralisation.
At Exploradora East, the primary target lies beneath a shallow, post mineralisation ignimbrite cover, but is reflected on surface by strong copper-molybdenum geochemical anomalies along north east-south west trending corridors. These corridors are interpreted to represent conduits which “tap in” to underlying copper-molybdenum porphyry mineralisation. No historical drilling has been encountered on either property.
An overview of the exploration activities completed and drill targets to be tested at Doña Ines and Exploradora East is presented below:
| Prospect | Target | Location | Drill Target Generation |
| Doña Ines | (Oxidised) High Sulfidation Epithermal Gold-Silver Deposit | 20km west of Goldfields’ Salares Norte Gold-Silver Deposit (23.3Mt @ 4.2g/t Au + 44 g/t Ag for 3.1Moz Au + 34Moz Ag; Inferred Resource at May, 2014). Miocene age volcanic arc. |
Ground geophysics (Gradient Array Induced Polarisation / Resistivity and Magneto-Telluric Surveys), combined with strong gold-silver-arsenic-molybdenum surface geochemistry and high level silica-clay hydrothermal alteration. |
| Exploradora East |
Eocene-Oligocene-age Porphyry Copper Deposit under shallow, post mineralisation ignimbrite cover | 60km north east of CODELCO’s El Salvador Copper Mine | Strong copper-molybdenum surface geochemistry in north east- south west structural corridors in ignimbrite. Potential “leakage” from underlying copper-molybdenum deposit. |
Further technical details on the Doña Ines and Exploradora East projects are available at:
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Link to Dona Ines section on website:
http://marianaresources.com/projects/dona-ines-gold-silver-project/
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Link to Exploradora East section on website: http://marianaresources.com/projects/exploradora-east-copper-project/
The funds being provided by Asset are part of the “Fenix” fund program which was launched in 2011 by the Chilean government in order to provide risk capital financing for exploration on projects located within Chile. The fund originally had approximately USD150M available, with approximately two-thirds of this amount being provided by the Chilean government (through development agency Corfo) and the remaining one-third from private investors. Asset is one of six investment fund managers participating in the Fenix program.
